The debt crisis and ensuing recession plaguing Greece has forced the closure of some 15% of businesses in Athens, a study released by a leading trader association said today.
The research, taking into account over 3,400 shops in both affluent and low-income districts, recorded an average closure rate of 14.8%, the national confederation of Greek commerce (ESEE) said.
The situation is especially serious in the centre of the capital - which is also routinely blocked by street protests - where between 20-25% of shops are locked up, ESEE said.
Greece is in the grip of a growing recession exacerbated by draconian austerity measures adopted by the government as it battles a debt crisis that recently forced the country to seek a massive bailout loan from the European Union and the International Monetary Fund.
The economy is expected to contract by 4% this year and by an additional 2.5% in 2011 while prices are expected to increase by 4.75% by the end of 2010, EU and IMF experts monitoring Greece's reforms said last week.
Unemployment was officially recorded at 11.9% in April with unions warning the real figures are much higher. A previous study by ESEE found that the Greek retail sector risks losing 100,000 jobs overall from shop shutdowns.
